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California-headquartered workforce and technology solutions provider Tryfacta Inc has filed draft papers with the International Financial Services Centres Authority (IFSCA) for a proposed USD 100-150 million initial public offering (IPO) on the exchanges at GIFT City, Gujarat. The offering comprises a fresh issue of up to 13.3 million equity shares and an offer for sale of up to 3 million shares by shareholder Ratika Tyagi. Upon listing, Tryfacta is expected to become the first US-headquartered company to list its equity shares in India through the GIFT City framework. The company plans to use the proceeds for debt repayment, acquisitions, strategic investments and general corporate purposes. The proposed listing underscores GIFT City's growing role as an international financial centre attracting global companies seeking access to capital markets.
Tryfacta Inc, a US-based workforce and technology solutions provider, has filed draft offer documents with the International Financial Services Centres Authority (IFSCA) for a proposed initial public offering valued at USD 100-150 million on the exchanges operating at GIFT City in Gujarat. The filing was made in the past week and positions the company to become the first US-headquartered firm to list its equity shares in India through the GIFT City framework.
According to the draft prospectus, the proposed offering consists of a fresh issue of up to 13.3 million equity shares and an offer for sale of up to 3 million shares by existing shareholder Ratika Tyagi. The issue is expected to be denominated in US dollars and the shares are proposed to be listed on NSE IFSC Ltd and India International Exchange (India INX).
The proceeds from the fresh issue are intended to be utilised for repayment or pre-payment of working capital facilities, funding inorganic growth initiatives through acquisitions and strategic investments, and meeting general corporate requirements. The proposed capital raising comes as the company seeks to expand its business operations and strengthen its international presence.
Founded in 1996 and headquartered in California, Tryfacta provides artificial intelligence-enabled workforce and technology solutions to federal government agencies and State, Local and Education (SLED) institutions across the United States. Its services span recruitment, payroll management, executive search, managed services and workforce solutions across healthcare, information technology, administrative and professional services sectors.
The company stated that, as of 31 December 2025, it had secured contracts for staffing and professional services from more than 220 federal and SLED clients across 41 US states. Nearly 47% of these contracts have tenures ranging from five to ten years, while around 38% have durations between two and five years, providing visibility over future revenues.
During fiscal years 2024 and 2025, Tryfacta served 70 and 105 clients respectively. Over the same period, the company deployed a contractual workforce of 3,960 professionals and 2,591 professionals across federal and SLED projects.
Tryfacta also maintains a Global Capability Centre (GCC) in Mohali, which supports recruitment operations, technology development, pre-sales activities and account management functions. Through its subsidiary, Tryfacta Global IFSC Private Ltd, the company plans to expand international service offerings from GIFT City. The subsidiary is registered as a BATF service provider within the International Financial Services Centre.
Financially, the company reported growth in both revenue and profitability over the past two fiscal years. Net revenue increased from USD 37 million in fiscal 2023 to USD 50.5 million in fiscal 2025, while gross profit rose from USD 4.9 million to USD 6.6 million during the same period.
The proposed listing is expected to add momentum to GIFT City's efforts to attract international issuers and deepen its capital market ecosystem. For Tryfacta, the IPO would provide access to a broader investor base while supporting its expansion strategy across workforce management and technology services. YOKI Financial Services has been appointed as the book-running lead manager for the issue.
Source - PTI
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